homedebtor

n.
A homeowner with an extremely large mortgage, particularly one that he or she is unlikely to ever pay off.
Example Citations:
In these places, accepting a government "bailout" that pays them, say, 90 percent of the value of the house to keep from foreclosing will be very tough for lenders, who (if the appraisers don't fudge the numbers) could be forced to take 36 cents or 45 cents on the dollar for their loans. On the other hand, any plan that makes them pay more if they can afford it is hugely disadvantageous for the borrowers, who have option ARMs about to reset and are much better off handing the keys to bank-and maybe even scooping up the foreclosed house down the street.
If you're one of the "homedebtors" ... in this position, you might start thinking very seriously about just how attached you are to the wisteria vine snaking over the basketball hoop on your garage. That's what a lot of other California borrowers will be doing.
—Mark Gimein, "Here Comes the Next Mortgage Crisis," Slate, April 15, 2008
In the end, millions of homedebtors will lose their homes, the homes they told everyone they "owned", the homes everyone told them would "be a great investment".
—Bruce D. Stewart, "US foreclosure rate soars 43%," belairhomesforsale.com, November 2, 2006
Earliest Citation:
Homedebtor (a.k.a. "recent homebuyer"): Perpetual debtor/serf who will probably never own the home outright, thanks to cyclical refinancing (used to fund conspicuous consumption) and property taxes.
—Patrick Killelea, "Housing Bubble Glossary: http://patrick.net/wp/?p=63," Patrick.net, August 12, 2005
Related Words: Categories:

New words. 2013.

Look at other dictionaries:

  • Housing and Architecture — advertecture appraisal mill architectural myopia architourist BANANA barkitecture big hair house …   New words

  • Money — 419 scam affluenza alpha boomer alpha earner appraisal mill bad debt art bid shielding BIY …   New words

  • People — 99er adultescent agritourist alpha earner alpha geek alpha girl alpha pup altruistic donor …   New words

  • appraisal mill — n. An unscrupulous company that provides misleading or erroneous appraisals, particularly for real estate. Example Citations: Still, some experts say the system needs an overhaul, from the appraisal mills and mortgage mills that started the… …   New words

  • brickor mortis — n. A real estate market in which very few houses are being sold. Also: brickormortis. Example Citations: Mister, this market wouldn t go voom if you put 50,000 volts through it. The property market has passed on. It s demised. Bereft of buyers,… …   New words

  • debt porn — n. Stories related to people who run up massive amounts of debt. Also: debt pornography. Example Citation: If Double Down and 24/7 are more exciting reads, it s mostly because the stakes are higher. Both books have the thrilling appeal of debt… …   New words

  • education mortgage — n. 1. A mortgage that covers the cost of a student s university or college education and that is paid back over an extended period, similar to a residential mortgage. 2. he debt that a student holds at the end of their university or college… …   New words

  • fiscalamity — (fis.kuh.LAM.uh.tee) n. Dire financial or economic distress created by fiscal mismanagement. Example Citation: Not only did soaring debt and deficits guarantee that the NDP would be a one term government, but the resulting fiscal crisis so… …   New words

  • foreclosure mill — n. A law firm that processes foreclosures perfunctorily and without due process. Example Citations: The Florida Attorney General s Office calls these firms foreclosure mills because of the large volume of cases they handle. Critics say the firms… …   New words

  • jingle mail — n. The practice of abandoning one s house and mailing the keys back to the creditor because the mortgage is worth more than the house itself. jingle mailer n. Example Citations: Making it harder for people to discharge their credit card debts has …   New words

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.